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The twilight of neoliberalism in the USA?

Author

Listed:
  • Trevor Evans

    (Berlin School of Economics and Law)

Abstract

The US economic expansion which began in 2009 was unusually prolonged but relatively weak. Profitability and investment strengthened between 2010 and 2015 but then began to falter. After Trump took office in 2017 there was a minor recovery in investment but the proceeds of major tax cuts were overwhelmingly used to finance payouts to share owners. Unemployment fell steadily from 2010 but with a shift towards lower-paid jobs. Median wages increased from around 2014, but while those for women had risen steadily since the 1980s, those for men only recuperated to their 1980 level in 2018. By contrast, top incomes soared. The impact of the COVID-19 epidemic was partly cushioned by huge government spending programmes, but unemployment among less-skilled workers increased strongly, while the massive monetary response led to an unprecedented bonanza for the rich. The Biden government's first major initiative extended unemployment benefits and promoted a national response to the health emergency, but failed to secure an increase in the national minimum wage to $15 an hour.

Suggested Citation

  • Trevor Evans, 2021. "The twilight of neoliberalism in the USA?," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 18(2), pages 119–144-1, September.
    • Handle: RePEc:elg:ejeepi:v:18:y:2021:i:2:p119-144
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    More about this item

    Keywords

    US economy; profitability; investment; finance; employment; wages;
    All these keywords.

    JEL classification:

    • E25 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Aggregate Factor Income Distribution
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
    • F44 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Business Cycles
    • G01 - Financial Economics - - General - - - Financial Crises

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